Senate Bill S1438

2017-2018 Legislative Session

Relates to providing a tax credit to farmers who sell or rent their agricultural land to a young farmer

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

2017-S1438 - Details

See Assembly Version of this Bill:
A4388
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: S6882, A9290
2015-2016: S1798, A1558

2017-S1438 - Summary

Relates to providing a tax credit to farmers who sell or rent their agricultural land to a young farmer.

2017-S1438 - Sponsor Memo

2017-S1438 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1438
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                              January 9, 2017
                                ___________
 
 Introduced  by  Sens.  RITCHIE,  BONACIC, DeFRANCISCO, GALLIVAN, GRIFFO,
   LARKIN, MARCHIONE, O'MARA, ORTT, RANZENHOFER, SEWARD,  YOUNG  --  read
   twice  and  ordered  printed,  and when printed to be committed to the
   Committee on Investigations and Government Operations
 
 AN ACT to amend the tax law, in relation to providing a  tax  credit  to
   farmers who sell or rent their agricultural land to a young farmer
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 210-B of the tax law is amended  by  adding  a  new
 subdivision 52 to read as follows:
   52.  CREDIT  FOR FARMERS WHO SELL OR RENT THEIR AGRICULTURAL LAND TO A
 YOUNG FARMER.  (A) ALLOWANCE OF CREDIT. A TAXPAYER THAT IS  AN  AGRICUL-
 TURAL  BUSINESS  PRINCIPALLY ENGAGED IN FARMING, AS SUCH TERM IS DEFINED
 IN PARAGRAPH NINETEEN OF SUBDIVISION (B) OF SECTION ELEVEN  HUNDRED  ONE
 OF  THIS  CHAPTER  SHALL  BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY
 THIS ARTICLE FOR THE SALE OR RENT OF THEIR AGRICULTURAL LANDS TO A YOUNG
 FARMER, AS DEFINED IN THIS SECTION. SUCH CREDIT SHALL BE TEN PERCENT  OF
 THE PURCHASE PRICE OR RENTAL AMOUNT OF THE AGRICULTURAL LANDS.
   (B)  FOR  PURPOSES  OF  THIS  SUBDIVISION, "YOUNG FARMER" SHALL MEAN A
 FARMER WHO HAS NOT PRODUCED AN AGRICULTURAL PRODUCT FOR  MORE  THAN  TEN
 CONSECUTIVE  YEARS, WHERE AGRICULTURAL PRODUCT MEANS ANY AGRICULTURAL OR
 AQUACULTURAL PRODUCT OF THE SOIL OR WATER, INCLUDING BUT NOT LIMITED  TO
 FRUITS,  VEGETABLES, EGGS, DAIRY PRODUCTS, MEAT AND MEAT PRODUCTS, POUL-
 TRY AND POULTRY PRODUCTS,  FISH  AND  FISH  PRODUCTS,  GRAIN  AND  GRAIN
 PRODUCTS, HONEY, NUTS, PRESERVES, MAPLE SAP PRODUCTS, APPLE CIDER, FRUIT
 JUICE, HORTICULTURAL SPECIALTIES, AND CHRISTMAS TREES AND WHO WILL MATE-
 RIALLY  AND  SUBSTANTIALLY  PARTICIPATE IN THE PRODUCTION OF AN AGRICUL-
 TURAL PROJECT.
   (C) PRIOR TO SALE, THE SELLER SHALL CONVEY TO THE DEPARTMENT OF  AGRI-
 CULTURE  AND  MARKETS, AN EASEMENT, THE TERMS OF WHICH LIMIT DEVELOPMENT
 OF THE LAND TO AGRICULTURAL BUSINESS, PRINCIPALLY FARMING, AS SUCH  TERM
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

2017-S1438A - Details

See Assembly Version of this Bill:
A4388
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: S6882, A9290
2015-2016: S1798, A1558

2017-S1438A - Summary

Relates to providing a tax credit to farmers who sell or rent their agricultural land to a young farmer.

2017-S1438A - Sponsor Memo

2017-S1438A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1438--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                              January 9, 2017
                                ___________
 
 Introduced  by  Sens.  RITCHIE,  BONACIC, DeFRANCISCO, GALLIVAN, GRIFFO,
   LARKIN, MARCHIONE, O'MARA, ORTT, RANZENHOFER, SEWARD,  YOUNG  --  read
   twice  and  ordered  printed,  and when printed to be committed to the
   Committee on Investigations  and  Government  Operations  --  reported
   favorably  from  said  committee  and  committed  to  the Committee on
   Finance -- committee discharged, bill amended,  ordered  reprinted  as
   amended and recommitted to said committee
 
 AN  ACT  to  amend the tax law, in relation to providing a tax credit to
   farmers who sell or rent their agricultural land to a young farmer
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  210-B  of the tax law is amended by adding a new
 subdivision 53 to read as follows:
   53. CREDIT FOR FARMERS WHO SELL OR RENT THEIR AGRICULTURAL LAND  TO  A
 YOUNG  FARMER.   (A) ALLOWANCE OF CREDIT. A TAXPAYER THAT IS AN AGRICUL-
 TURAL BUSINESS PRINCIPALLY ENGAGED IN FARMING, AS SUCH TERM  IS  DEFINED
 IN  PARAGRAPH  NINETEEN OF SUBDIVISION (B) OF SECTION ELEVEN HUNDRED ONE
 OF THIS CHAPTER SHALL BE ALLOWED A CREDIT AGAINST  THE  TAX  IMPOSED  BY
 THIS ARTICLE FOR THE SALE OR RENT OF THEIR AGRICULTURAL LANDS TO A YOUNG
 FARMER,  AS DEFINED IN THIS SECTION. SUCH CREDIT SHALL BE TEN PERCENT OF
 THE PURCHASE PRICE OR RENTAL AMOUNT OF THE AGRICULTURAL LANDS; PROVIDED,
 HOWEVER, THAT SUCH PRICE SHALL NOT EXCEED THE FAIR MARKET VALUE  OF  THE
 REAL  PROPERTY. A TAXPAYER WHO SELLS OR RENTS THEIR AGRICULTURAL LAND TO
 A RELATIVE SHALL BE ELIGIBLE FOR THE CREDIT ESTABLISHED IN THIS SECTION.
   (B) FOR PURPOSES OF THIS SUBDIVISION,  "YOUNG  FARMER"  SHALL  MEAN  A
 FARMER  WHO  IS  AT LEAST EIGHTEEN YEARS OLD AND WHO HAS NOT PRODUCED AN
 AGRICULTURAL PRODUCT FOR MORE THAN TEN CONSECUTIVE YEARS, WHERE AGRICUL-
 TURAL PRODUCT MEANS ANY AGRICULTURAL OR AQUACULTURAL PRODUCT OF THE SOIL
 OR WATER, INCLUDING BUT NOT LIMITED TO FRUITS, VEGETABLES,  EGGS,  DAIRY
 PRODUCTS, MEAT AND MEAT PRODUCTS, POULTRY AND POULTRY PRODUCTS, FISH AND
 FISH  PRODUCTS,  GRAIN AND GRAIN PRODUCTS, HONEY, NUTS, PRESERVES, MAPLE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

2017-S1438B (ACTIVE) - Details

See Assembly Version of this Bill:
A4388
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: S6882, A9290
2015-2016: S1798, A1558

2017-S1438B (ACTIVE) - Summary

Relates to providing a tax credit to farmers who sell or rent their agricultural land to a young farmer.

2017-S1438B (ACTIVE) - Sponsor Memo

2017-S1438B (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1438--B
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                              January 9, 2017
                                ___________
 
 Introduced  by  Sens.  RITCHIE,  AKSHAR, BONACIC, DeFRANCISCO, GALLIVAN,
   GRIFFO, LARKIN, MARCHIONE, O'MARA, ORTT, RANZENHOFER, SEWARD, YOUNG --
   read twice and ordered printed, and when printed to  be  committed  to
   the  Committee on Investigations and Government Operations -- reported
   favorably from said  committee  and  committed  to  the  Committee  on
   Finance  --  committee  discharged, bill amended, ordered reprinted as
   amended and recommitted  to  said  committee  --  recommitted  to  the
   Committee  on  Investigations  and Government Operations in accordance
   with Senate Rule 6, sec. 8  --  committee  discharged,  bill  amended,
   ordered reprinted as amended and recommitted to said committee
 
 AN  ACT  to  amend the tax law, in relation to providing a tax credit to
   farmers who sell or rent their agricultural land to a young farmer
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  210-B  of the tax law is amended by adding a new
 subdivision 53 to read as follows:
   53. CREDIT FOR FARMERS WHO SELL OR RENT THEIR AGRICULTURAL LAND  TO  A
 YOUNG  FARMER.   (A) ALLOWANCE OF CREDIT. A TAXPAYER THAT IS AN AGRICUL-
 TURAL BUSINESS PRINCIPALLY ENGAGED IN FARMING, AS SUCH TERM  IS  DEFINED
 IN  PARAGRAPH  NINETEEN OF SUBDIVISION (B) OF SECTION ELEVEN HUNDRED ONE
 OF THIS CHAPTER SHALL BE ALLOWED A CREDIT AGAINST  THE  TAX  IMPOSED  BY
 THIS ARTICLE FOR THE SALE OR RENT OF THEIR AGRICULTURAL LANDS TO A YOUNG
 FARMER,  AS DEFINED IN THIS SECTION. SUCH CREDIT SHALL BE TEN PERCENT OF
 THE PURCHASE PRICE OR RENTAL AMOUNT OF THE AGRICULTURAL LANDS; PROVIDED,
 HOWEVER, THAT SUCH PRICE SHALL NOT EXCEED THE FAIR MARKET VALUE  OF  THE
 REAL  PROPERTY. A TAXPAYER WHO SELLS OR RENTS THEIR AGRICULTURAL LAND TO
 A RELATIVE SHALL BE ELIGIBLE FOR THE CREDIT ESTABLISHED IN THIS SECTION.
   (B) FOR PURPOSES OF THIS SUBDIVISION,  "YOUNG  FARMER"  SHALL  MEAN  A
 FARMER  WHO  IS  AT LEAST EIGHTEEN YEARS OLD AND WHO HAS NOT PRODUCED AN
 AGRICULTURAL PRODUCT FOR MORE THAN TEN CONSECUTIVE YEARS, WHERE AGRICUL-
 TURAL PRODUCT MEANS ANY AGRICULTURAL OR AQUACULTURAL PRODUCT OF THE SOIL
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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